stock market update

Tom Essaye quoted on Nasdaq – August 21, 2018

Morning Movers: TJX Jumps, Kohl’s Drops, Toll Brothers Soars

We always need a story to tell about why the market is heading higher, and the one that’s making the rounds this morning is about the dollar. In an interview, President Donald Trump criticized the U.S. Federal Reserve for raising interest rates, and that has added uncertainty to what had been all but certain. As a result, the U.S. Dollar Index has dropped 0.2% today because one way a currency gains value against another is by being from a country where rates are anticipated to be higher. And a weaker dollar is supposed to be helping risk appetite in the U.S. and abroad. “Those comments mostly affected the dollar (pushing it lower), which on a longer time frame is bullish for stocks,” writes The Sevens Report’s Tom Essaye.